Another Challenging Day Ahead

Good morning. Premarket futures indicate a negative open this morning after the U.S. trade deficit grew more than expected in February to a record $61.0 billion. Oil prices are also not helping matters as they moved higher after reports surface that OPEC members are in disagreement over whether to boost production now that prices have eased below the cartel's $55 threshold. Tomorrow's inventory data will be a key trading point for the week.

While we have a few stocks to watch, there is little good news to sink your teeth into. Most traders expect earnings to set the tone for the rest of the month, but at the moment the vast majority seem content to be sitting on the sidelines. Traders will be watching how the tape responds to reports from TravelZoo (TZOO) today as well as Apple (AAPL), Citigroup (C), and General Electric (GE) later this week.

In addition, at 2 p.m. today we'll get a chance to look at the minutes from the Federal Open Market Committee's March 22 meeting. This report will play a role in late day trading as market participants look to the minutes for any clues that interest rates will rise faster than previously expected and vice versa.

It's going to be another interesting, but challenging day out there. I really would like to find a few stocks to trade this morning, even though I'm more likely to do very little based on what I'm seeing so far. Have a great day!